China’s communist state news website aims for $245 million IPO raise

The People’s Daily newspaper, an organ of China’s ruling Communist Party, has tripled the amount it expects to raise through the IPO floatation of its online publishing operations.

The portal now plans to raise 1.55 billion yuan ($245.45 million) in Shanghai, Reuters reports. That is more than the 527 million yuan its prospectus said it aimed to raise, as paidContent reported in January.

People’s Daily, which also publishes in English, wants “to maintain and enhance the company’s competitive position in the industry, thus further improving the company’s profitability and social impact”.

But it also wants to remain relevant and influential to a younger generation of citizen that is rapidly adopting social media to share its own news.